高盛-马奎观点：人工智能无处不在瞬间涌现…-Marquee Views：AI Everywhere,All at Once-20260606

/s/content/markets/d1e462fb-6877-48d9-90fd-fc8f632891151/18TherelentlessAIdemandisshiftingalltides,famongthemajorglobalindsittingonthesideline1/InstitutionalinvestorsarealltradingAI.Infact,everyassetclassseemstobedrivenbyAIsentimentthesedays.DMequitiesaexpendituresareatailwindfordollarsentiment,whiletheirbroadergrowth/inflationimplicationsarenowfactoringintocentralbankpolicyframeworks.2/Otherassetclassestradeasderivatives,orareignored.Sentimentismuchmoreputsandcash.WhileequitiesaresellingofftodayasablowoutjobsreportrecalibratesFedexpectations,thestructuralandfundamentaldriversunderpinning/s/content/markets/d1e462fb-6877-48d9-90fd-fc8f632891152/182026/6/613:23精选观点：AI无处不在，无处不在---MarqueeViews:AIEverywhere,2026/6/613:23精选观点：AI无处不在，无处不在---MarqueeViews:AIEverywhere,AllatOnce...2/其他资产类别要么以衍生品形式交易，要么被市3/AIbottlenecksisthetrade.AIMemory&SemiEquipment,AIPowerandAIinfrastructurearethefavoriteAIsubsectors,asinveRoboticsisclosebehind,andseemsliketheAIattheEdgeisoutoffavorjustwhenNvidiaannouncedgettingintothat4/Growthissoliddespitetheoilshock.Centralbankshaveturnedneutraltoinflationandhealthygrowth--asfurtherevidencedbytoday'sjobsreport--buoyedbytheAItide.——今日就业数据进一步印证了这一点。5/Isequitieshigherthepaintrade?AshighlightedbyGIR'sBenSnider,netsupplyofequitiesisexpectedtobenegativethisyear,whichcombinedwithhighgrowth6/Gold'sshinehasfadedabitsincetheUS/Iranwar.Bullishnessdecreasedtometalwasthedistant4thfavoritehedgeforanequitydrawdown.7/Chompingatthe(Crude)bit...MostinvestorsseeBrentinthelow80srangeafterthereopeningoftheStraitofHormuz.Oilsentimentismaxbearish,asthem/s/content/markets/d1e462fb-6877-48d9-90fd-fc8f632891153/182026/6/613:23精选观点：AI无处不在，无处不在---MarqueeViews:AIEverywhere,Allat2026/6/613:23精选观点：AI无处不在，无处不在---MarqueeViews:AIEverywhere,AllatOnce...持在80美元/桶出头的区间。市场对原油的重启海峡的"难产协议"。8/ButIranisnottheonlyrisktowatch.Whilegeopoliticsremainsthetopconcernandthesubsequentimplicationsforcentralbankpolicy.8/但伊朗并非唯一需要关注的风险。尽管地缘政治仍是多数人9/Giltsareunderpressurebutnoshorttermrisks.InvestorsmayneedtofacearepricingoftheUKfiscalrisks.Mostassignamoderate-to-highprobabilityofaBurnham-ledgovernmentleadingtoasell-offinGilts.Butneartermr9/英国国债承压但无短期风险。投资者可能需要面对英国财政风险的重估。多数人认Asalways,reachoutforourfavoriteimplementations.QuickCharts:快速图表：Whichmajorequitymarketdoyouexpecttoperformbest?/s/content/markets/d1e462fb-6877-48d9-90fd-fc8f632891154/182026/6/613:23精选观点：AI无处不在，无处不在---MarqueeViews:AIEverywhere,Allat%vote80%vote60402002018Eurostoxx5020202018Eurostoxx502020Nikkei2252022MSCI-ChinaMSCI-ChinaMSCI-EM囤

Source:Source:MarqueeMarketView来源：MarqueeMarketView%vote0%vote02021202220232024Whatisyourfavoriteassetclasstogoshort?40302010/s/content/markets/d1e462fb-6877-48d9-90fd-fc8f632891155/182026/6/613:23精选观点：AI无处不在，无处不在---MarqueeViews:AIEverywhere,AllatDMEquities——EMEquities——DMGovtBondsEMGovtBondCredi囤

Source:Source:MarqueeMarketView来源：MarqueeMarketViewAndbearishdollarsentimentweakened%vote−50%vote−502016201820202022SlightlyBearishBearishSlightlyBullishBullishWhatisyourviewonUSDFX?500

Source:MarqueeMarketView来源：MarqueeMarketView2026/6/613:23精选观点：AI无处不在，无处不在---MarqueeViews:AIEverywhere,AllatOnce...AI2026/6/613:23精选观点：AI无处不在，无处不在---MarqueeViews:AIEverywhere,AllatOnce...WhichAIsubsectorareyoumostbullishon?30%20%10%0%AICloudServiAIIndustrials&InfrastructureAISoftwareAISemisAICloudServiAIIndustrials&InfrastructureAISoftwareAISemisAIMemory&SemiEquip26%11%17%17%6%5%FromJun'26QuickPoll囤

Source:MarqueeMarketView来源：MarqueeMarketView35%35%HowdoyouexpecttheupcomingIPOwavetoimpacttheUSstockmarket?40%/s/content/markets/d1e462fb-6877-48d9-90fd-fc8f632891156/18/s/content/markets/d1e462fb-6877-48d9-90fd-fc8f632891157/189%NoImpactPressureOnlyBigTechNamesPressuretheBroa30%20%20%10%0%35%2026/6/613:23精选观点：AI无处不在，无处不在---Marquee9%NoImpactPressureOnlyBigTechNamesPressuretheBroa30%20%20%10%0%35%FromJun'26QuickFromJun'26QuickPol囤

Source:Source:MarqueeMarketView来源：MarqueeMarketViewWhichofthefollowingisyourfavoritehedgeagainstapotentialdrawdowninUSequities?…35%29%27%30%29%27%25%20%14%15%14%7%10%7%5%2%1%0%CashUSTreasuriesSPXputsVIXUSDJPYputs/s/content/markets/d1e462fb-6877-48d9-90fd-fc8f632891158/182026/6/613:23精选观点：AI无处不在，无处不在---MarqueeViews:AIEverywhere,Allat囤

Source:MarqueeMarketView来源：MarqueeMarketViewInflationconcerns/AI-drivengrowthoptimismaredrivingbearishdurationviews通胀担忧/人工智能驱动的增长乐观情绪正推动看空久期观点What'syourviewondurationinUS?40%30%20%10%0%BearishgrowthriskNeutral:policypathsandinflationBullish:AIwillBearishgrowthriskNeutral:policypathsandinflationBullish:AIwillbedisinflationaryinBullish:inflationriskfromthe35%20%22%10%囤

Source:MarqueeMarketView来源：MarqueeMarketViewWhileoilbearishnessreachedarecord,fewexpnearterm/s/content/markets/d1e462fb-6877-48d9-90fd-fc8f632891159/182026/6/613:23精选观点：AI无处不在2026/6/613:23精选观点：AI无处不在，无处不在---MarqueeViews:AIEverywhere,AllatOnce...Whatisyourviewonoil?%vote6040200−20−40−602016201820202022SlightlyBearishBearishSlightlyBullishBullish囤

Source:MarqueeMarketView来源：MarqueeMarketView40%30%20%40%30%20%WhentheStraitofHormuzre-opens,wheredoyouseeBrentcrudeoilinthefollowing3months?…32%27%/s/content/markets/d1e462fb-6877-48d9-90fd-fc8f6328911510/182026/6/613:23精选观点：AI无处不在，无处不在---MarqueeViews:AIEverywhere,Allat15%14%15%10%9%10%0%>9085-8980-8475-7970-74囤

Source:Source:MarqueeMarketView来源：MarqueeMarketViewGoldfelloutoffavorWhatisyourviewongold?50%40%30%22%20%19%20%10%7%10%0%BearishSlightlyBearishNeutralSligFromJun'26QuickPoll/s/content/markets/d1e462fb-6877-48d9-90fd-fc8f6328911511/182026/6/613:23